The current price of Bitcoin is around $89,585, with a 2.7% decrease in the last 24 hours.¹

The price decline is mainly due to a record-setting five-week period of outflows from BlackRock's Bitcoin ETF (IBIT), which has seen over $2.7 billion withdrawn.

However, on-chain data shows whale accumulation and a seven-year low for BTC supply on exchanges, suggesting long-term strength.

The RSI is at 41.4, and the 7-period EMA is below the 25-period EMA, suggesting short-term bearish conditions.

A cautious range-trading strategy is advisable, with entries near strong support and strict risk management.

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